Circulate Capital has made a strategic investment in Malaysian recycler See Hau Global, while Japan’s Asahi Life is acquiring Vietnam’s MVI Life from Manulife.
Circulate Capital backs Malaysia’s See Hau Global
Singapore-based Circulate Capital has made a strategic investment in Malaysian recycler See Hau Global, marking its first investment in the country, according to a company statement on Wednesday.
Though the deal size was not disclosed, the company plans to deploy it to scale its recycling operations and strengthen its regional footprint. The partnership also aligns with Circulate Capital’s broader strategy to accelerate circular economy infrastructure across high-growth markets, including India, Indonesia, and Thailand.
Founded in 1994, See Hau Global operates an integrated model covering polypropylene (PP) and high-density polyethylene (HDPE) recycling, alongside manufacturing plastic pallets under its Intraco Pallet brand. Its products are used across logistics, warehousing and cargo operations, serving customers across Southeast Asia.
The company recently set up a manufacturing facility in Jakarta to serve Indonesian customers locally, reduce distribution costs, and improve operational efficiency.
The fresh capital will support several expansion priorities, including increasing PP and PE recycling capacity in Malaysia, scaling localised pallet production in Indonesia, and upgrading systems to enhance traceability, quality and integration across its platform. At full scale, the company expects to divert more than 20,000 tonnes of plastic waste annually and avoid over 40,000 tonnes of carbon emissions.
Rob Kaplan, founder and CEO of Circulate Capital, described See Hau as a strong operational fit. “Their operational foundation is rock-solid, and their growth strategy is laser-focused – making them a highly aligned partner to build durable, high-performance recycling supply chains across Southeast Asia,” he said.
See Hau managing director CC Cheah said the partnership will accelerate its regional expansion and enhance its ability to deliver ESG-linked solutions to clients.
Japan’s Asahi Life to acquire Vietnam’s MVI Life
Japan’s Asahi Mutual Life Insurance Company has agreed to acquire 100% of Vietnam-based life insurer MVI Life from Manulife Financial Corporation, through its direct subsidiary The Manufacturers Life Insurance Company (Manulife), according to an announcement.
The deal is subject to regulatory approvals in both Japan and Vietnam, with completion expected by next year.
The transaction marks Asahi Life’s first full operating entry into Vietnam and is part of its medium-term growth plan “Next A (2024–2026)”, which prioritises overseas expansion amid a shrinking domestic insurance market.
The second-oldest life insurer in Japan has maintained a presence in Vietnam for more than eight years through advisory partnerships and distribution activities. It established a dedicated local subsidiary, Asahi Life Consulting Vietnam, in 2023 to build out insurance agency capabilities.
Following the acquisition, Asahi Life plans to collaborate with Singapore-based insurtech startup LivWell—which already operates in Vietnam—to develop wellness-linked insurance offerings and broaden digital distribution channels.
The company said the combination of its underwriting experience and LivWell’s technology platform would enable differentiated health-focused products tailored to Vietnamese consumers.
MVI Life, founded in 2011, operates primarily in Hanoi and Ho Chi Minh City. As of December 2024, the insurer generated insurance premiums of approximately $93 million and had net assets of approximately $134 million.
